Summary: Echoing the concerns raised by various agencies regarding the use of robos and their ability to be fiduciaries, 47% of investment professionals responding to the CFA Institute’s newest FinTech Survey said the quality of financial advice could be hurt by expanded robo use and another 38% of respondents said they thought investors could see higher rates of fraud and misselling.
 High-net-worth investors, institutional investors and ultra-high-net-worth earners were seen as being less impacted than the mass affluent, due to the types of advice less wealthy investors tend to receive. “The higher the wealth, the more likely that respondents do not think investors will be affected by automated financial advice tools, which are not yet capable of offering complex, tailored advice.”CFA Institute report.
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